News: 2009 Press Release
For Release: June 26, 2009
Media Calls Only: 916-492-3566
Insurance Commissioner Poizner Approves Purchase of 21st Century Insurance Group by Farmers Insurance Group
Insurance Commissioner Steve Poizner today announced that he has approved the purchase of 21st Century Insurance Group.
"After a thorough review by the Department of Insurance, I have approved the purchase of 21st Century Insurance Group by Zurich Financial Services' Farmers Insurance Group," said Commissioner Poizner. "Before authorizing this purchase, I ordered CDI legal and financial experts to conduct a comprehensive review of the terms of the purchase agreement, which has now been completed. As a result of this purchase, 21st Century policyholders should not expect to see any impact to their existing policies."
On April 16, 2009, Zurich Financial Services and Farmers Insurance Group announced the planned acquisition of AIG's Personal Auto Group, which includes 21st Century Insurance Group. Following an extensive review process by the Department of Insurance, Commissioner Poizner approved the purchase of 21st Century Insurance Group.
The Department anticipates this transaction to become effective July 1,2009. As part of the approval process, Farmers Insurance Group will be required to submit a written report to the Department of Insurance providing an update on the integration process on or before October 30, 2009.
Under California insurance law, the Department of Insurance must approve the purchase of any California-domiciled insurance company. The approval process includes a thorough review of all aspects of a proposed purchase, including the financial strength of the purchasing company and future plans for the company to be purchased.
Please visit the Department of Insurance Web site at www.insurance.ca.gov. Non media inquiries should be directed to the Consumer Hotline at 800.927.HELP. Callers from out of state, please dial 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.
If you are a member of the public wishing information, please visit our Consumer Services.